US-based Hope grows regional presence with SMEP stake
Delaware-based HOPE Advancement Inc has acquired a majority stake in SMEP Microfinance as global investors intensify their hold on the micro-lending business in Kenya. The acquisition received approval from the Central Bank on July 27 and was given the green light by the Treasury Cabinet Secretary Njuguna Ndung’u on August 4th. “The acquisition is expected to strengthen SMEP MFB through an injection of additional capital to support business expansion, an upgrade of information technology infrastructure, and the reconstitution of the board to enhance governance,” explained the Central Bank. Currently, SMEP is estimated to hold a market share of 5.09 percent in the microfinance banking sector…
Read More